FreedomWorks Statement in Response to Nullification of True Lender Rule

WASHINGTON, D.C. — In response to the U.S. House of Representatives passing legislation to end the Office of the Comptroller of the Currency’s (OCC) True Lender Rule, S.J.Res. 15, Adam Brandon, FreedomWorks President, commented:

“While we are discouraged by the House vote today, we thank all of the Members who supported a free relationship between borrowers and lenders.

“The OCC’s True Lender Rule allows banks to partner with fintechs so that they can compete in the market and expand lending options to hardworking Americans. Nullification of the True Lender Rule will eliminate a lifeline for millions of Americans as well as a much-needed resource for underserved communities.

“The best way to help struggling Americans gain access to sound credit and stabilize their finances is to let them borrow freely and stop imposing harsh controls on banks’ lending abilities. The government should not have the right to act as arbiter of free market relationships.”